Contract For Deed Amortization Schedule Template for Philippines

The Contract For Deed Amortization Schedule is a crucial document in Philippine real estate transactions where property purchases are financed through direct seller financing rather than traditional bank mortgages. This document type is particularly relevant when buyers seek alternative financing options or when traditional mortgage financing is not available or desired. The schedule must comply with Philippine regulations, particularly the Maceda Law (RA 6552) which provides protections for buyers in installment sales of real estate, and the Civil Code of the Philippines. It includes detailed payment calculations, interest rates, payment due dates, and the gradual reduction of the principal balance. This document is essential for both parties to track payment progress and ensure clear understanding of financial obligations throughout the duration of the contract.

1. Parties: Identification of the Seller (Vendor) and Buyer (Vendee) with complete legal names and addresses

2. Background: Context of the agreement, including brief description of the property and parties' intention to enter into a Contract for Deed arrangement

3. Definitions: Key terms used throughout the agreement, including 'Contract Price', 'Down Payment', 'Monthly Amortization', 'Interest Rate', etc.

4. Property Description: Detailed legal description of the property including lot number, block number, certificate of title number, and complete address

5. Purchase Price and Payment Terms: Total contract price, down payment amount, and general terms of the amortization

6. Amortization Terms: Detailed payment structure including monthly payment amount, payment due dates, and interest calculations

7. Default and Remedies: Consequences of payment default, grace periods (as per Maceda Law), and remedies available to both parties

8. Transfer of Title: Conditions and process for the transfer of property title upon completion of payments

9. Taxes and Assessments: Responsibility for property taxes, transfer taxes, and other assessments

10. Insurance and Maintenance: Requirements for property insurance and maintenance responsibilities

11. Representations and Warranties: Standard declarations by both parties regarding their capacity to enter into the agreement and property condition

12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional provisions

13. Execution: Signature blocks and notarization requirements